I've figured out how to connect my Yamaha keyboard to the computer and Ableton Live recognises the instrument and everything, but I'm quite confused with input/output channel configurations. Which ones do I switch on and off? What's the difference between mono and stereo?

1) Check your Latency, keep it as low as possible2) Check inputs and outputs are the right way around; my old Yamaha would only work if they were the wrong way around.3) Check online for drivers specific to your Yamaha model.4) Consider whether your PC OS supports the Yamaha model. My old XP wouldn't take it.